One of the New Zealand sharemarket's former heavyweights may be destined return, in name at least, according to Australian media reports.
Sawn Solomon Islands timber sold into New Zealand is scrutinised Photo: AFP
The Australian Financial Review is reporting that the Rank Group, owned by billionaire Graeme Hart, is looking at a public share float of building supplies group Carter Holt Harvey.
It has reported that investment banks Forsyth Barr and Barrenjoey have been appointed to advise on a float and listing on the New Zealand and Australian stock exchanges.
Carter Holt is involved in producing timber products, plywood and laminated veneer timber, and also operates the Carters building products chain.
The AFR said the businesses targeted for listing had pre-tax earnings of about $150 million and revenue of $1.55 billion last year.
A value of $1b has been put on the group, which has a tentative name of the Building Supplies Group, with about $500m targeted for sale through an initial public offer (IPO).
The Rank Group twice proposed and then postponed a share float of the businesses in 2015.
Carter Holt Harvey was a major forestry and wood products company and was a leading stock on the NZX until Hart's Rank Group took it over in early 2006.